Kenda USA gets $35 million of funding from Huntington Business Credit

On 28 June 2022, Huntington Business Credit announced it closed $35 million of new credit facilities with American Kenda Rubber Industrial Co. Ltd. (Kenda USA). According to Huntington Business Credit, the funds were used to “refinance existing indebtedness and provide ongoing working capital growth financing.

Kenda USA is headquartered in Reynoldsburg, Ohio and imports and distributes car, lawn care, bicycle and motorcycle tyres.

Huntington Business Credit provides working capital and loan facilities to companies for purposes including: acquisitions, leveraged buyouts (LBOs), management buyouts (MBOs), recapitalizations, rapid growth and turnaround situations.

Taiwan-based tyre companies such as Nankang and its recently-connected Federal Tire have faced an uphill struggle against tough macro-economic conditions during 2022.